Since the project began in 2001, Piper Jaffray has surveyed more than
150,000 teens and collected over 38 million data points on teen spending
in fashion, beauty and personal care, digital media, food, gaming and
entertainment.

“While the overall spending environment has been challenging, we are
seeing teen spending continue to shift more toward experiences—eating
out, video games and leisure,” said Erinn
Murphy, Piper Jaffray senior research analyst. “Share of fashion
spending has moderated but we continue to see undisputed strength in
athletic—Nike remains the No. 1 preferred brand and Adidas was the
fastest-growing brand in our survey.”

Spring 2017 Key Findings

Spending & Shopping Behavior

Overall teen spending decreased 2.4% year-over-year.

Parent contribution to teen spend is at 63%, down from the survey’s
68% average.

Food is the most important category within a teen’s wallet at 24% of
spend, eclipsing clothing at 19%.

For console video games, the percent of teens who plan to digitally
download >50% of games increased to 45% for spring 2017 from 37% in
fall 2015.

Brand Preferences

Starbucks is the only public brand to maintain double-digit share
across all teenagers; it tied this survey cycle with Chick-fil-A at
12% preference.

Athletic is seeing no slowdown with 41% of teens citing an athletic
brand as their preferred apparel brand—up from 26% last year.

Nike is the No. 1 apparel brand at 31% share—up from 21% last year.
Adidas, however, is the fastest growing brand in our survey across
footwear & apparel.

Fashion brands losing relevance with teens include Under Armour,
Michael Kors, The North Face, Ralph Lauren and Vineyard Vines.

81% of teens expect their next phone to be an iPhone, which was up
from 79% in fall 2016 and, more importantly, the highest we’ve seen
ever in the survey.

Disney films dominated the most anticipated movies list with No. 2
“Beauty and the Beast”; No. 3 “Star Wars: The Last Jedi”; and No. 4
“Guardians of the Galaxy Vol. 2” grabbing the top few spots. “Fast 8”
is the No. 1 most anticipated movie.

About the SurveyThe Taking Stock With Teens survey is a
semi-annual research project comprised of gathering input from
approximately 5,500 teens with an average age of 16.0 years. Teen
spending patterns, fashion trends, and brand and media preferences were
assessed through surveying a geographically diverse subset of high
schools across the U.S.

About Piper JaffrayPiper
Jaffray Companies (NYSE: PJC) is a leading investment bank and asset
management firm. Securities brokerage and investment banking services
are offered in the U.S. through Piper Jaffray & Co., member SIPC and
FINRA; in Europe through Piper Jaffray Ltd. and Simmons & Company
International Limited, authorized and regulated by the U.K. Financial
Conduct Authority; and in Hong Kong through Piper Jaffray Hong Kong
Limited, authorized and regulated by the Securities and Futures
Commission. Asset management products and services are offered through
five separate investment advisory affiliates―U.S. Securities and
Exchange Commission (SEC) registered Advisory Research, Inc.; Piper
Jaffray Investment Management LLC, PJC Capital Partners LLC and Piper
Jaffray & Co.; and Guernsey-based Parallel General Partners Limited,
authorized and regulated by the Guernsey Financial Services Commission.